The risk of a global recession starting in the second half of 2022 is heightened. In the West, substantial rises in energy expenditure will reduce consumer spending, increase costs in the manufacturing sector, and deter investment in steel-intensive infrastructure projects. Moreover, the Chinese property market remains in crisis. Nevertheless, Asian nations could prop up stainless steel production. MEPS forecasts that worldwide output will reach 58.8 million tonnes, this year.
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